Norwegian Telenor Continues to Grow

“Telenor’s geographical footprint covers both advanced and growing economies, offering growth opportunities and profitability as demonstrated in the second quarter. At the same time, regulatory issues remain a challenge, particularly visible in Bangladesh and India during this period,’’ said Jon Fredrik Baksaas, President and CEO of Telenor Group.

Outlook maintained

“The Group’s organic revenue growth improved from the first quarter combined with stronger margins. With these trends, we maintain the outlook for this year,’’ said Baksaas.

More than five million new customers

“During the second quarter, Telenor gained more than five million new customers driven by strong growth in Asia. In Thailand, dtac’s network investments and high customer uptake is resulting in solid revenue growth as our customers embrace new services enabled through 3G. In Norway and Sweden, we saw subscription growth picking up in the consumer segment as a result of new data centric offerings,’’ said Baksaas.

Myanmar and Bulgaria

“Telenor was recently declared a successful applicant for a telecommunications licence in Myanmar, and we are currently awaiting the telecom law and final licence conditions from the local authorities. Our acquisition of Bulgaria’s second largest telecom operator Globul has been approved by the EU Commission, and I am looking forward to welcoming our new colleagues in a region well known to Telenor,’’ added Baksaas.

New buyback programme

“Telenor’s operational performance and strong financial position enables healthy shareholder remuneration. I am pleased to announce that we are initiating another share buyback programme for approximately 1 percent of the outstanding shares, to be completed before the AGM in 2014,” said Baksaas.

Key figures

The table below contains key figures for the second quarter of 2013, compared to the previous year.

2Q 2Q Year
(NOK in millions except earnings per share) 2013 2012 (Restated) 2012 (Restated)
Revenues 25 747 25 357 101 718
EBITDA before other income and expenses 8 857 8 064 32 848
EBITDA margin before other income and expenses (%)  34.4 31.8 32.3
Adjusted operating profit[1] 5 466 4 508 18 446
Adjusted operating profit/Revenues (%) 21.2 17.8 18.1
Profit after taxes and non-controlling interests 3 249 2 067 8 809
Earnings per share from total operations, basic, in NOK 2.13 1.31 5.63
Capex 3 484 2 959 21 511
Capex excl. licences and spectrum 3 484 2 904 12 299
Capex excl. licences and spectrum/Revenues (%) 13.5 11.5 12.1
Operating cash flow[2] 5 374 5 159 20 549
Net interest-bearing liabilities[3] 33 082

*Organic revenue is defined as revenue adjusted for the effects of acquisition and disposal of operations and currency effects.

[1]Adjusted operating profit is defined as Operating profit less other income and expenses and impairment losses.

[2]Operating cash flow is defined as EBITDA before other income and expenses – Capex, excluding licences and spectrum

[3]Net interest-bearing liabilities is defined as interest-bearing debt excluding net present value of licence liabilities.

For more information please refer to the quarterly report at

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